Bullish news from Saudi Arabia sent oil prices higher on Tuesday morning, but market uncertainty still remains. Oil and Gas Prices (Click to enlarge) Rigs Per Basin (Click to enlarge) Total Rig Count (Click to enlarge) Chart of the Week (Click to enlarge) – The U.S. saw electricity consumption rise to an all-time high in 2018 at 4,178 million megawatthours, according to the EIA . That was a 4 percent increase from the year before. – The previous peak was in 2007, so it took until last year to bring consumption levels back to the pre-recession peak. – Weather is a key factor. The higher levels in 2018 are largely due to a hot summer and cold winter. Market Movers – Royal Dutch Shell (NYSE: RDS.A) signed two offshore exploration contracts with the Colombian government. If it moves forward, Shell could spend as much as $650 million in exploration. […]